Jeff Notrica’s empire – crumbling?

I’ve written a fair bit about Jeff Notrica and his properties here in East Atlanta. A quick recap since it’s been a while – Notrica is the owner of an outfit called Inman Park Properties, and through it and a bunch of other LLCs he owns a substantial chunk of our commercial Village. His holdings include buildings that house some of our best assets – Holy Taco, The Midway Pub, The Glenwood, etc. – but his reputation around here is as a guy who is more than willing to buy up properties and let them rot.

The most infamous example is the John B. Gordon School, which he bought from Atlanta Public Schools about ten years ago with the promise of turning it into lofts. Never happened and the building sat neglected, abandoned and rotting. Many if not most of the vacant buildings and lots in East Atlanta Village belong to Notrica.

But a funny thing has been happening of late – foreclosures. In March, Notrica lost the Gordon School, which he had apparently put a lot of debt against (I’ve been told north of $4 million on a property he paid $200,000 for and never developed). In April, it was an eyesore of an old convenience store, a parking lot and a couple of vacant lots on the edge of the Village. Just this week he lost the eyesore that used to be East Atlanta Lock & Key and apparently (I haven’t confirmed it) another vacant lot on Flat Shoals. This month’s legal ads say another parking lot and another vacant lot are up for foreclosure in June.

And that’s just here in East Atlanta. Some cursory looking-around suggests a good number of Notrica foreclosures of late happening in Fulton County as well.

I think it’s fair to say Notrica operates on somewhat of a financial tightrope. He owns a lot of properties, takes out a lot of mortgages on them and takes his time paying property taxes. DeKalb County online records show that he still owes more than $123,000 in 2008 property taxes just in East Atlanta. But as late as August of last year he still owed $130,000 in 2007 taxes, so it seems to be how he operates.

But maybe the “credit crunch” has caught up with him for real now. He’s gone from getting tax-sale notices that are ultimately resolved to actually losing a significant number of properties to foreclosure. And I don’t guess that would be surprising – the days of easy debt and using a property as a bank are gone for now.

I’ve had brief conversations with writers from the Atlanta Business Chronicle and the Atlanta Journal-Constitution who seemed interested in the Notrica story, but to this point I haven’t seen anything published. His may simply be a tale of the real estate downturn, or it could be something more. Is it normal to take out $600,000 in debt on a small, unpaid parking lot with no development value that the county says is worth $127,000? Maybe so. But I think there’s a good story in there somewhere.

As for East Atlanta, there’s a new sign up seeking buyers for the Gordon School, and no doubt the banks that took back the other properties will be looking to offload them quickly. We can only hope they get bought by somebody who intends to do something other than let them rot.

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39 Responses to “Jeff Notrica’s empire – crumbling?”

  1. Anonymous says:

    I’ve been wondering when you were going to post about this.

    Great work.

  2. Anonymous says:

    I’ve been wondering too and I hear even his office on Ponce is under Foreclosure.

  3. Cap'n Ken says:

    The office is 977 Ponce, right? There was a foreclosure notice in the Fulton Daily Report saying it was going up for auction in May (last Tuesday). Don’t know the outcome of that as of yet.

  4. cc says:

    Good riddance! Living near an IPP in midtown has been nothing but trouble. While Notrica should be held accountable for his bad biz ethics, the city is endlessly scratching his and other developers’ backs with poor regulation and accountability.

  5. Anonymous says:

    All I can say is Karma! You treat others the way you want to be treated.
    Since he is Jewish he doesn’t believe in Jesus’s Golden Rule.
    “Do unto others as you would have them do unto you.”
    NOW he WILL!!!
    The ethic of reciprocity, also known as the Golden Rule, is an ethical code that states one has a right to just treatment, and a responsibility to ensure justice for others.

  6. Anonymous says:

    He has also lost the old yellow building on Ponce – the one with the Kodak sign on top and the one next door.

    This all started over a year ago, I think the first one he lost was the old convent that was turned into crapy apartments.

    He is falling fast!

  7. Anonymous says:

    You are Right, Falling Very Very Very Fast!
    Regions Bank, the lender on Blondie’s “home,” the Clermont Hotel at 789 Ponce de Leon Ave. in Midtown Atlanta, advertised the beginning of the foreclosure process on the building earlier this month. .

    The building is owned by 789 Ponce de Leon Avenue LLC and Jeffrey Notrica, head of Inman Park Properties, according to the foreclosure advertisement that appeared in The Daily Report. They have defaulted on their loan, according to the legal notice.

  8. Anonymous says:

    And more today!!!

    A cursory investigation of public records shows that Inman Park Properties has defaulted on loans for well over a dozen intown parcels, many of which contain familiar and historic buildings in the East Atlanta Village, Virginia-Highland and Midtown. Most of these have already been taken over by various banks.

    A partial list includes:

    * 1205 Metropolitan Ave., the former John B. Gordon Elementary School, which sat vacant more than a decade under Notrica’s ownership. Foreclosed in March.
    * 304-308 Ponce de Leon Ave., a commercial strip that includes the old Goody’s film developing store and the Atlanta Eagle leather bar. Foreclosed in March.
    * 292 Moreland Ave., former site of the Wrecking Bar in Little Five Points. Foreclosed in April.
    * 344 Candler Park Drive, a former church. Foreclosed in April.
    * 1739 Cheshire Bridge Road, site of the Inserection adult store. Foreclosed in May.
    * 977 Ponce De Leon Ave., a former apartment building near the Publix that once housed the Inman Park Properties offices. Foreclosed in May.

    Then there are Notrica’s properties that are currently in foreclosure, such as 159 Ralph McGill Blvd., a six-story, 32,000-square-foot office building with an unusual, round chapel attached that sits across Piedmont Road from the Atlanta Civic Center. Unless Notrica makes good on his $3.3 million loan for that site, it will be auctioned off next month along with the Clermont.

    So there’s plenty of evidence to suggest that Inman Park Properties is so over-leveraged that it can’t possibly hope to repay its many, many mortgages. And Atlanta isn’t the only place where the company owns — and is losing — property. Earlier this month, according to public records, a bank foreclosed on a $3.5 million historic riverfront building Notrica owned in downtown Savannah.

  9. Savannah says:

    You should see what the infamous Notrica has done to Savannah and Birmingham’s markets! He is definitely a shady character, who beyond his financial missteps has a bad reputation for using contractor’s as banks. I wonder just how many contractors and subcontractors he has dazzled with the promise of future work, only to postpone paying them or worse … never paying them.

    He owns quite a bit of property in Savannah’s Historic District and we’ll likely see our fair share of foreclosures in Chatham County as a result of his poor cash managment.

    I beg Cap’n Ken and the Atlanta Business Chronicle to spread this investigation beyond Atlanta’s borders. It would make for a captivating story.

  10. Ponce says:

    Clermont Hotel forecloses in a week!!!

  11. Anonymous says:

    The Castle he bought for a Million Dollars but got a loan for 2 Million Dollars on it. IRS needs to look into this. Where did the extra Million go??? It’s obvious that it didn’t go into renovating it! Maybe he’s stashing all the money away on his over the top loans and he will move to Belize where he can’t be extradited.

  12. Cap'n Ken says:

    Well, he bought the Gordon School for $200K and had more than $4 million in loans out against it never having touched it, so financing something (likely other purchases) by leveraging the hell out of properties he could claim some kind of high value on seems to be standard procedure.

  13. Anonymous says:

    Now I hear he is terminating all his Inman Park Properties Employees, everyone except his parents and his little worshiping sidekick, Danny Glusman. Danny is madly in love with Jeff and begs for Jeff’s love like a little puppy.

  14. Anonymous says:

    Looks like he scammed someone again for the Clermont. Was supposed to sell on courthouse steps this morning but at the very last minute his attorney worked out a deal for 90 more days. Appears “Blondie” from the Lounge downstairs can still shake, rattle and roll!!!

  15. some one who knows says:

    can u say fruad
    its only a matter of time before he is in jail for mortage fraud

  16. Anonymous says:

    Nah, he knows that using private mortgage companies that are insured; they will be the one’s investigated.

  17. some one else who knows says:

    He’s had several questionable fires to several properties too that were insured with very high fire insurance.

  18. Duncan Whitehead says:

    Anonymous (what a surprise) seems to be focussing on Jeff’s race…why has that have any relevance to anything? I suggest that Anonymous is a racist at least a anti-semitic at best.

    Also all the comments cheering his so called downfall…..the people who work and worked for him have families and lifes. How CHRISTIAN of you all to gloat in one man’s downfall, how CHRISTIAN of you all to show no pity to his employees.

    Thank God I am an Atheist.

    Now, morons, what the hell do you think is going to happen to those buildings now owned by dying banks? Is your world about to get better? I doubt it.

    “Do unto others as you would have them do unto you.” wrote Anonymous – as Anonymous is anonymous we will probably never know if someone will bad mouth him/her/it in public. I use my real name – because I am not a coward. Have you nothing better to do than moan about a man who tried his best?

    By the way – Cap’n Ken – what have you ever captained – are you military or just some sad old man who wants a made up title, or dod you go fishing once?

  19. former employer...inquiring mind says:

    i worked for jeff between may and nov. 2006. nov. 4th 2006 to be exact.

    the day the ansley inn caught fire. i had only met him twice during my tenure there. odd seeing as though he “owned” this property. not very hands on if you ask me. he came across as nervous and jerky to me on the rare occasion he popped in.

    anywho…the place was not that badly damaged and set to reopen summer ’07…then winter ’08…and so on. i found a better job and didn’t think much more about it. but with the clermont closing down it reminded just how close i was to being in real danger. i guess i kinda forgot that i was the only person in the inn that afternoon…another odd part of the story. the inn goes up in flames on a nearly empty day. what a wonderful coincidence…no costly causalities.

    besides boarding up the windows and slapping on a notice to build permit sticker they haven’t touched that place.

    very strange more news wasn’t made of this story…it reeks of fraud and/or arson to me. just curious if this is the ineptitude of the atlanta fire dept. or just sheer laziness on the part of the insurance company. i was the person who made the call to 911 yet i never heard a word from anybody on the matter after giving my initial account.

    anybody heard anything lately on the ansley inn? lemme know…i would love to dive a little deeper into this case and find out what really happened to that beautiful building.

    i always wished someone who cared about atlanta would have reopened that place and ran it the right way. just my two cents.

  20. former employee...inquiring mind says:

    from last post…name should read employee…not employer.

  21. nelley says:

    Guy needs to go to jail!!! This is the type of fraud that has gotten all of our banks in trouble. He is losing everywhere and is lucky the contractors haven’t broken his legs YET.

  22. Charles Wallis says:

    I fully agree with Duncan. What a shame that people find nothing better to do, but gloat when someone goes to the gallows. I worked for IPP in Savannah and I enjoyed every moment of it as it was not only a fulfilling job, but also worthy doing something to preserve these old buildings. Jeff is one of the few people I have met in my long life who genuinely cared for these old buildings and loved the idea of bringing them back to life. He may have made some bad choices, but how dare anyone criticise him for trying to preserve the past and try to make it better for the future. You criticise him, yet not once has anyone come up with a useful or working alternative – just not very patriotic!! I wish him and his family all the best for the future and unlike most of the negative writers herein, – he will come back and hopefully having learnt from his past misjudgements, will continue to preserve what is worth preserving as a US patriot and become rich once more. Have a happy 2010. PS – some of the contractors I would not have paid either – but I know of none that were not paid eventually.

  23. In Savannah Also says:

    Charles Wallis you are so full of crap!! And, agreeing with your old buddy Duncan, isn’t he the husband of Jeff’s assistant?

    Stay tuned people. In the words of the late great Bette Davis, Fasten your seat belts, it’s going to be a bumpy ride.

  24. former employee...inquiring mind says:

    charles, duncan…i get it. he’s a friend. it seems like people just wanna bad mouth him…kick him when he’s down.

    but you still seem to be blind to the facts here. your arguments in honor of jeff hold no weight.

    no one here is gloating about or reviling in the fact that jeff’s “empire” (and i use that term loosely) is crumbling. we are simple stating our opinion on what happened (or is still happening).

    if you bothered at all to read my last post you would clearly see the dilemma i was in. in one fell swoop i lost my job and aprt. i really liked both of them. so i did all that was asked of me and fully cooperated with all involved. yet here we are 3 years later. no answers. and all i hear about jeff is his shady business dealings. you can see how this aroused my curiosity…can you not? i have absolutely nothing to gain from this.

    i just want some simple questions answered….what started the fire for starters…why hasn’t the inn reopened after months upon of saying it would…i guess i sort of overlooked the fact my life was in danger during this whole ordeal.

    no one is here to crucify jeff or ipp. we just care about the city of atlanta and hate to see so many landmarks (that happened to owned by him) failing miserably.

  25. former employee...inquiring mind says:

    also…i cannot speak for some of these idiots on here.

    people bringing in religion have no business on here.

    my arguments speak to logic and past experiences…also as i stated earlier i never knew jeff personally. worked for him for 6 months and only met him twice.

    so please do not lump my arguments in with these right wing christian anti-semite assholes.

    thanks!

  26. In Savannah Also says:

    OK, lets look at the things that Duncan and Charles had to say in Jeff’s defense.

    Duncan, you are absolutely right religion should never come into any of these discussions. Besides, why would you want to give all the other fine people of Jewish faith a bad rep being that Jeff is of the same faith. Enough said about that.

    Charles, “when someone goes to the gallows”? I don’t believe Jeff has been sent to the gallows, YET! Now lets look at Jeff’s preservation record or the lack there of. I think all the rotting buildings he mortgaged to the hilt in Atlanta speak volumes here. Why would anyone price the rent so high, not even keeping it within range of what the market would bare? Answer, he never intended to do anything with the buildings but inflate the value and get as much money in his pocket as he could from the banks, poor suckers. Why should anyone come up with a “useful alternative” to help him? Jeff is out for himself and only himself. Charles, he doesn’t have to do anything to make himself rich again, HE STILL IS right now.

    The contractors. Wow, this is a big one that I will go into in the next post. Tighten those seat belts people, I see a construction zone ahead.

  27. Charles Wallis says:

    How very sad that people dont use their own names and hide like cowards behind names like “former employee” – That the company employed someone with vulgar language as you for as long as they did surprises me, however, business is tough and sometimes there are losers and sometimes there are winners. Would any of you “know it all’s” report all this negativity if the market situations had been different and money was still flowing? – I guess not! Now, here is a not so surprising fact – People dont revile their identity because — When the tide turns — they are the first in line to creep back up the bosses behind and would not ever stand for what they published in this forum. It is nice to see that both Duncan, other ex colleges and I have moved on, learnt from our experiences and are doing just fine.
    On a positive note: When we point our finger at others – take a closer look at the other fingers on that hand – 3 are pointing straight back at us and the thumb points at the powers above. – For those, who dont get it – ask yourself: “how much we had to do with the situation and what did we do about it to change it for the better?” The thumb points to the fact that, some things are beyond our control or that of those we put our trust in – i.e. our employer.

  28. In Savannah Also says:

    Charles: If you have any questions as to Jeff’s business dealings I would highly suggest you have a talk with the General Manager of the Dresser Palmer House as she has been a very good friend of Jeff’s for fourteen years and would be able to shed a lot of light on the situation.

  29. charles Wallis says:

    Nameless, although I now have a good idea whom you might be….. I know the Palmer Dresser House and who worked in it. I also know that one of the two Gentlemen, who basically ran it is no longer employed there. PDH was run from Atlanta – to be more precise – Jeff’s mother and it was my boss, who knew Jeff probably better than any other person. However, slander and presumptions I leave to those who dont want to be identified – See, if you have nothing to hide, then you can tell who you are without fear of redress. In this unfortunate drama, Jeff was only one small player in a global situation – I would be much more concerned about the big players – and what their game will cost our children to correct again.
    I am still waiting for the Savannah “aint been paid” list of contractors. Hmmmm – wander why that has not been forthcoming?

  30. In Savannah Also says:

    Charles, At this time I am going to cease and desist with this blog, just as the liquor, beer and wine service/sales have at the DPH. Will have more on this later, it’s a doozy!

  31. Charles Wallis says:

    Just like I thought – HOT AIR – NOTHING MORE TO REPORT – Glad I got the last word in on this ridicules topic – TaTa

  32. In Savannah Also says:

    Please believe, you are FAR from getting the last word on this topic. Switching to a new media soon. TaTa

  33. charles Wallis says:

    Wow – I am all the way over here in Germany, but I can smell the BS all the way from the SAV. GET A LIFE and look to the future – not to the past – learn from it, but dont dwindle on it – it is un-healthy.I am still looking to have your id reviled – anything else could be the chat of a 10 year old – Dont switch to new media – when you have not completed this one – NO ONE would take you seriously – YOU ARE STILL OWING ANSWERS – TATA (ps. unless you are a Brit – please refrain from using our form of greeting – makes it sound so common – thank you)

  34. could it be says:

    for everyone watching the jeff saga there are whispers that things are about to get interesting. if true – and seems to be backed up with A LOT of documentation – my prediction is that even charles will change his tune when he hears about Jeff’s latest and greatest.

    rumor has it that even small children are sacrificed for the inman empire

  35. Charles Wallis says:

    Well, I heard that he (Jeff) did the dirty on my friends and that is out of order. However, my point was all along – the man built a business (empires are a lot bigger) and he gave people an opportunity and employed people. The thing that annoys the crap out of me is the fact that if all was well – the ones worthy of keeping would not be in this forum telling negative things. I would be very careful with the “small children” issue. Why do people concentrate on beating the man when he is down, – rather than gathering support and help for the ones that were adversely affected by what went wrong in the past years. Ahhh – that is not on the books of the negative thinkers – Hmmm – I wonder – in England we call them “wankers” – Hmm – could it be?? Well, what ever it is, this is a lot of fun when I have nothing better to do at night. – Just makes me thankful to be free and alive. Take care my aquatic friends!

  36. AngryContractor says:

    Jeff Notrica is living on borrowed time. His enemies are gathering and the Feds and IRS are investigating him for Arson, Employing Illegal Aliens, Fraud, Bank Fraud and Tax Evasion.

    Before he is finally made to pay the price for all his crimes, if he owes you money I suggest you put leins on his remaining properties before IRS auction them off.

    You can find Jeff hiding out on the 4th Floor of 7 Drayton Street in Savannah or in his loft on Bay Street or maybe at his Beach House in Tybee, but be quick because he hasn’t got long before his empire crumbles and he spends a long time behind bars.

    You could just call him on his cell 404-386-5873

  37. AngryContractor says:

    Beach House is: 7 18th Place, Tybee

    Bay Street: 21/19a East Bay Upper Level, Savannah

    Or you can find him at Leocci’s on Abercorn, Motorini on Drayton or scurrying around Savannah on his Vespa – you can’t miss him.

  38. Crescent Avenue says:

    Ok, just read everything and agreed that the “Jewish” aspect was absurd! My identity will probably be revealed by this; however, I wish to try and remain anynoymous.

    Jeff, gave me my start as a nightclub and retsaurant owner in Atlanta…and my nightclub was HUGE…and I could not have done it with out his considerable help!

    Jeff, got out of real estate school (at GA State) at a time when banks were lending at an stupifying level and he is a mere example of developers that wre riding high.

    To teh gentleman who writes about East Atlanta Village, I attempted to drop about 650K into one of his properties in the Village and was granted the right to do so by the NPU; however, Sherry Dorsy blocked my liquor lis and I lost about 45K as the neighborhood didnt want it!

    Now, Jeff is a scrupulious business man, but wanted to see EAV prosper…the neighborhood was my downfall…and I think their disdain for him played a major role in hin just “sitting” on some og his ideas!

    my 2 cents worth!

  39. Crescent Avenue says:

    My spelling on that was horrible, but you get my drift!

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